Carob Market - 𝐀 𝐂𝐨𝐦𝐩𝐫𝐞𝐡𝐞𝐧𝐬𝐢𝐯𝐞 (𝐏𝐃𝐅) 𝐆𝐮𝐢𝐝𝐞 - Altrafine Gums, Savvy Carob Co. Ltd., Pedro Perez, Carob S.A

Increasing use of organic and plant-based food additives, ingredients, flavors and color in food processing industries is expected to generate demand for carob. Increasing use of healthy ingredients including carob in nutrition and supplements products further accelerates the growth of the carob market

Various applications of carob in the bakery and confectionery industry, consumer preferences for healthier bakery products, and change in culture & lifestyle in the Asian countries drive the growth of the global carob market. The demand for packaged & processed food, coffee, milkshakes, pastries, chocolates, sweets, cheese, and other bakery products declined during the Covid-19 pandemic. This led to reduced demand for carob, which is an ingredient used in these products.

Global Companies:

Leading players of the global carob market analyzed in the research include Altrafine Gums, Savvy Carob Co. Ltd., Pedro Perez, Carob S.A., DuPont, AEP Colloids, Stavros Parpis Foods Ltd., Australian Carobs Pty Ltd., TIC Gums Inc., and Tate & Lyle.

Various applications of carob in the bakery and confectionery industry, consumer preferences for healthier bakery products, and changes in culture & lifestyle in the Asian countries drive the growth of the global carob market. However, the availability of healthier substitutes and strict regulations, and international quality standards hinder the market growth. On the other hand, demand for natural sweeteners and surge in adoption for animal feed present new opportunities in the coming years.

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According to the report published by Allied Market Research, the global carob market generated $198.36 million in 2020, and is expected to reach $384.88 million by 2030, witnessing a CAGR of 6.2% from 2021 to 2030. The report provides an extensive analysis of changing market dynamics, top segments, top investment pockets, regional landscape, value chain, and competitive scenario.

Covid-19 Scenario:

With rise in demand for safe, healthy, and reliable food during the pandemic, the demand for frozen non-vegetarian food, fruits & vegetables, pulses, flour, and whole grains have experienced growth in the pandemic. However, demand for packaged & processed food, coffee, milkshakes, pastries, chocolates, sweets, cheese, and other bakery products declined. This led to reduced demand for carob, which is an ingredient used in these products.
The lockdown measures implemented in many countries hampered production and disrupted the supply chain of the carob products. This led to decline in revenue in the global carob market.
Companies need to reassess their strategies for recovery and adopt e-commerce platforms in their supply chain.
The report offers detailed segmentation of the global carob market based on product type, application, distribution channel, and region.

Based on product type, the gum segment contributed to the highest share in 2020, accounting for nearly three-fifths of the total share, and is projected to continue its lead position throughout the forecast period. However, the powder segment is expected to manifest the highest CAGR of 7.2% from 2021 to 2030.

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Based on application, the bakery and confectionery segment accounted for the highest share in 2020, contributing to more than one-third of the global carob market, and is projected to maintain its leadership status during the forecast period. However, the pharmaceuticals segment is expected to manifest the largest CAGR of 7.9% from 2021 to 2030.

Based on region, Europe held the largest share in 2020, accounting for nearly three-fifths of the total share, and is estimated to continue its dominant share in terms of revenue by 2030. However, Asia-Pacific is projected to portray the fastest CAGR of 8.5% during the forecast period.

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KEY FINDINGS OF THE STUDY

The carob market was valued at $198,363.8 thousand in 2020, and is estimated to reach $384,882.3 thousand by 2030, registering a CAGR of 6.2% from 2021 to 2030.
In 2020, depending on product type, the gum segment acquired $111,419.6 thousand, garnering 56.2% of the global carob market share .
On the basis of application, the dairy products segment acquired $27,062.2 thousand, exhibiting 13.6% of the global market share.
Greece was the most prominent market in Europe in 2020, and is projected to reach $11,062.7 thousand by 2030, growing at a CAGR of 8.5% during the forecast period.

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